However, today the US Senate hearing on cryptocurrencies has restored confidence in the crypto currencies. Jay Clayton who is the chairman of the Securities and Exchange Commission (SEC), intimated that, “We may be back with our friends from Treasury and the Fed to ask for additional legislation.” He further added that they are working to develop regulations that will be friendly to the adoption of crypto currencies and blockchain technology in the country.

Jay Clayton the 32nd Chairman of the Securities and Exchange Commission

In addition, the chairman of Commodities Futures Trading Commission Christopher Giancario told the US Senate that “We must crack down hard on those who abuse our young enthusiasm for bitcoin and blockchain technology,” he said to the congress. “We owe it to this new generation, to respect their interest in this new technology with a thoughtful regulatory approach,” he explained. He pointed out that his realisation is as a result of talking with his own kids who he noted were no longer interested in the stocks but were very hooked into the cryptocurrencies. He held that with appropriate regulations that would help in weeding out scammers and terrorists, adoption and success of crypto currencies would also lead to the success of USA.

This positive sentiment by the US Senate amid crackdown on exchanges and crypto currencies in Asian countries has helped to boost waning confidence in the crypto currency market. Shortly after the announcement during the US Senate hearing, the value of crypto currencies in the coin market cap increased to $380 billion compared to 280 billion on 6th February 2018.

I am a crypto enthusiast. A bitcoin trader and consultant in the frontier markets. I also Write and Rewrite. When not writing or rewriting, I read and do some gardening. Author of So You Want to Get Into Courtship?. Practical and Mystical.

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Crypto Biz Global is the leading crypto information website for the frontier markets. Cryto Biz Global provides timely and unique and valuable information concerning select crypto currencies currently being used in the globe. Our mission is to bridge the information gap that exists between blockchain ecosystems in the developed markets and block chain ecosystems in the frontier markets.

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About This Site

Crypto Biz Global is the leading crypto information website for the frontier markets. Cryto Biz Global provides timely and unique and valuable information concerning select crypto currencies currently being used in the globe. Our mission is to bridge the information gap that exists between blockchain ecosystems in the developed markets and block chain ecosystems in the frontier markets.

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Samuel Mwangi

I am a crypto enthusiast. A bitcoin trader and consultant in the frontier markets. I also Write and Rewrite. When not writing or rewriting, I read and do some gardening. Author of So You Want to Get Into Courtship?. Practical and Mystical.